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Homebuyers looking for a mortgage can expect digital changes to increase competitiveness in the lending market, according to new research. Technology is allowing lenders to offer more products tailored to specific customers, the Council for Mortgage Lenders’ Mortgage Tech UK conference was told.
The CML commissioned research from Accenture, which included interviews with both lenders and customers in the UK mortgage market, as well as the most up-to-date developments in the lending sectors around the world.
Their conclusions, entitled Digital Change and Mortgage Borrowers, were presented to delegates at the conference in London on June 27.
The research suggested that 84 percent of mortgage lenders think technology will improve both customer experiences and relationships; that 76 percent say it has the ability to improve their own operational capabilities; and 40 percent believe digital change will unlock the power of data.
More pertinently for mortgage borrowers, the researchers concluded that 68 percent of those they interviewed believe digital change will put customers in greater control of their lending.
The research identified the elements that are beginning to transform the mortgage market, including apps that allow customers to arrange and manage their mortgages. But it was also clear, the conference was told, that many clients still want to speak personally to an adviser about products that remain financially complex.
CML director general Paul Smee said: “This report highlights the enormous potential of technology in the mortgage market – a huge, process-driven industry with more than 11 million customers.
“It is already enhancing what lenders are able to offer their customers, as well as improving the efficiency of work behind the scenes.
“The pace of change will not slow, and firms will need to ensure that their plans for developing technology are underpinned by the clearest possible understanding of all the implications of digital change.”
While digital changes may revolutionise the mortgage market, the conveyancing element to buying or selling a property remains the same for now. You need a conveyancing solicitor or conveyancer to progress your transaction quickly and efficiently.
Capital Conveyancing can make that happen. Our sales team are standing by to give you an instant, no-obligation quote. Call now on 0207 406 5880 or start your quote journey here.
Fran is the content writer for Capital Conveyancing, producing articles on all aspects of the conveyancing process and around the UK property market in general. If there is a topic you'd like to see covered on these pages, please drop Fran a line on [email protected]